SOLUSD.P trade ideas
Long trade
Wed 28th Aug 24
12.00 pm
LND to NY Session PM
Buyside trade idea
Entry 4HT TF
Entry Level: 140.72
Profit Level: 165.62 (17.69%)
Stop Level: 139.61 (0.79%)
Risk-Reward (RR) Ratio: 22.43
This setup is highly ambitious, with a large profit target relative to the entry and a tight stop loss, resulting in an extremely high risk-reward ratio of 22.43.
Solana daily Reversion Zones, $146 target, August 29thI have a special treat for you all today. My brand new Reversion indicator for Trading View is here (it's not available for the public yet, sorry).
The purple line is the center for price, showing the $ distance from the center. I've drawn a few Reversion Zones that will likely hit within the next week. The Reversion indicator shows the price gap (black line) to the center (purple line). There is about a $10 gap in SOL right now that will be corrected. Somewhere from $135-138 to $146 is the expectation.
SOL Monthly ChartSince we're at the end of the month, it's time to look at the monthly charts.
When we look at the price on the monthly chart, we can see that it has settled nicely into these two uptrend channels. Now, let's examine these channels.
Uptrend Channels
The upward momentum that started with the lower channel touch from $8 has brought the price to the middle region of the upper channel. After being rejected there, the price has been holding the lower support of the upper channel for the past 6 months.
Looking at the current situation, the price is standing below the lower support of the upper channel. If it can't close above $160 this month, it will have closed within the lower channel.
If the price can reclaim $160 within the next 2 days before the month ends, the next target would be the middle line of the channel. In this case, we can target the $320 region as the middle line. This is because after holding the lower line of the upper channel for 6 months, the price would start to gain momentum and head towards the middle line of the channel.
However, a close within the lower channel would make the situation more bearish and in this case, we could even target the lower support of the lower channel in the near to mid-term.
GAP
With last year's rise, the price left a GAP, as you can see in the red box. To fill this GAP, we might witness the price moving roughly between $60-$120 for a few months after a crash movement.
This GAP-filling area would also mean that the price accumulates between the lower line and the middle line of the lower channel. Later, when the price tightens there for a few months, the upward movement could restart in 2025.
It's still on BABY!!!Bull pennant developing on SOL.
Wait for a retest at the bottom of
this huge bull pennant around 130.00
Could see a quick wick down to 121.00
Stay strong and don't fall for any false
breakouts to the upside. Plenty of time
left for September to remember. I've got
my limit orders set for both price levels
above with a 3x leverage. Not financial
advice. Just something I think will play
out over the next 2-3 weeks. October
will be a rally month so be ready for some
volatility until then. BAM!!
************** Happy SOL hunting everyone ******************
SOLUSD SELL ANALYSIS Here on Solusd price has be in uptrend and have reach around resistance zone of 163.21 and is likely to fall so there is a previous resistance at that place that went down as well so going for SHORT is needed and targeting profit should be around zone of 153.73 and 153.73 . Use money management.